Puma Biotechnology shares are down 11% after the company announced last night that its lead product Nerlyx is commercially available by prescription in the United States. Puma has frequently been discussed as a potential takeover target, and some investors associate the availability of Nerylyx negatively with respect to the sales prospects of the company, Leerink analyst Michael Schmidt tells investors in an intraday research note. He says that while a potential buyout could yield near-term upside of 50%-75%, the timing of acquisitions are always difficult to predict accurately. Schmidt's thesis on the shares is based on underlying fundamentals, which he views as "compelling." The analyst reiterates an Outperform rating on Puma and recommends buying the stock on today's selloff. The shares in midday trading are down 11%, or $10.22, to $84.83.

08/10/17

JPMS

08/10/17NO CHANGETarget $105JPMSOverweight

Puma Biotechnology price target raised to $105 from $89 at JPMorgan

JPMorgan analyst Cory Kasimov raised his price target for Puma Biotechnology to $105 following the Q2 earnings report. The earnings contained nothing new ahead of the full launch of Nerlynx expected this September, Kasimov tells investors in a research note. The analyst continues to view Puma's "scarcity value" as attractive. He keeps an Overweight rating on the name.

Barclays analyst Gena Wang after the close initiated coverage of the U.S. Small & Mid Cap Biotechnology industry with a Positive view. Her top industry pick is Spark Therapeutics (ONCE). The analyst sees de-risking clinical data for several novel therapies in the biotech sector, namely from Spark, BioMarin (BMRN), AveXis (AVXS), Alnylam (ALNY) and Puma Biotechnology (PBYI). Wang believes Spark's Luxturna in RPE-65-mediated inherited retinal dystrophies could be disruptive to current treatment paradigms.

SNDXSyndax

$12.57

-0.02 (-0.16%)

08/11/17

OPCO

08/11/17NO CHANGETarget $29OPCOOutperform

Syndax price target raised to $29 from $25 at Oppenheimer

Oppenheimer analyst Hartaj Singh raised his price target for Syndax Pharmaceuticals to $29 saying he remains bullish following the Q2 results and business update. The Encore 601 trial melanoma stage two cohort continues to build on its "impressive" ASCO 2016 data, with full enrollment in Q3, a full quarter ahead of schedule, the analyst tells investors in a research note. He keeps an Outperform rating on Syndax.

03/24/17

COWN

03/24/17INITIATIONCOWNOutperform

Syndax initiated with an Outperform at Cowen

Cowen analyst Chris Shibutani initiated Syndax with an Outperform commenting it is poised to succeed in developing entinostat for advanced HR+ breast cancer. Additional upside could be driven by IO combination studies, which capitalize on entinostat's unique mechanism of action, complementary to checkpoint inhibitors.

05/18/17

SBSH

05/18/17NO CHANGETarget $24SBSHBuy

Syndax price target raised to $24 from $20 at Citi

Citi analyst Joel Beatty raised his price target for Syndax Pharmaceuticals to $24 saying he's encouraged by the early response data reported yesterday afternoon for Entinostat plus Keytruda in melanoma. The data are compelling enough to increase the drug's probability of approval in melanoma to 30% from 20%, Beatty tells investors in a research note. He keeps a Buy rating on Syndax.

05/18/17

JMPS

05/18/17NO CHANGEJMPS

Syndax data 'impressive,' says JMP Securities

JMP Securities analyst Michael King says that the objective response rate for the company's entinostat in melanoma patients in a Phase 1b/Phase II trial was "impressive." The analyst remains upbeat on the treatment and keeps an Outperform rating on the stock.

NSCNorfolk Southern

$122.44

1.33 (1.10%)

08/01/17

COWN

08/01/17NO CHANGETarget $130COWNOutperform

Norfolk Southern poised to take market share from CSX, says Cowen

Cowen analyst Jason Seidl said 80% of respondents in his survey of CSX (CSX) users said they've experienced service issues since the company began Precision Railroading and nearly 40% have switched some freight to Norfolk Southern (NSC) and 67% have switched freight to a trucker. He believes Norfolk Southern will show additional market share gains in Q3 and increase its earnings over that time. Seidl has an Outperform rating and $130 price target on Norfolk Southern shares.

08/07/17

WOLF

08/07/17UPGRADETarget $126WOLFOutperform

Norfolk Southern upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe analyst Scott Group upgraded Norfolk (NSC) to Outperform with a $126 price target saying he sees less risk from coal plant shutdowns and will benefit from leverage to improving TL pricing and CSX Corp. (CSX) service issues.

09/05/17

OPCO

09/05/17NO CHANGEOPCO

Oppenheimer discontinuing research coverage of Norfolk Southern

Oppenheimer is discontinuing research coverage of Norfolk Southern, previously rated Perform. The decision is unrelated to any awareness on its part of any material change in the fundamental condition of the company.

08/01/17

ARGS

08/01/17NO CHANGEARGS

Norfolk Southern weakness creates attractive entry point, says Argus

Argus analyst John Eade says that Norfolk Southern's stock has underperformed over the past quarter, declining 4%. The analyst says that the headwinds facing the railroad sector have started to abate, and he is upbeat on Norfolk Southern's longer term outlook. Additionally, he thinks the company could become a takeover target. Eade thinks that the stock's decline has created a buying opportunity.

BIVVBioverativ

$56.42

0.81 (1.46%)

08/16/17

EVER

08/16/17INITIATIONTarget $58EVERIn Line

Bioverativ initiated with an In Line at Evercore ISI

Evercore ISI analyst Josh Schimmer initiated Bioverativ with an In Line and a $58 price target.

07/10/17

07/10/17UPGRADEOutperform

Bioverativ upgraded to Outperform on True North acquisition at Cowen

As previously reported, Cowen upgraded Bioverativ to Outperform from Market Perform and raised its price target to $80 from $47. Analyst Eric Schmidt believes the acquisition of True North and orphan candidate TNT009 for cold agglutinin disease is a "game changer" that significantly improves Bioverativ's pipeline, diversification, and growth potential. The analyst sees $1.5B+ sales potential and views it as an offensive opportunity for the company.

06/30/17

JEFF

06/30/17NO CHANGETarget $67JEFFBuy

Bioverativ reinstated with a Buy rating at Jefferies

Jefferies analyst Eun Yang reinstated Bioverativ with a Buy rating and increased price target of $67 following a period of restriction. The analyst now includes a lead drug candidate TNT009 from True North Therapeutics in her revenue projections. She estimates global sales potential of $600M by 2027.

07/10/17

COWN

07/10/17UPGRADECOWNOutperform

Bioverativ upgraded to Outperform from Market Perform at Cowen

MXIMMaxim Integrated

$46.56

0.12 (0.26%)

04/21/17

EVER

04/21/17DOWNGRADETarget $46EVERIn Line

Maxim Integrated downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst C.J. Muse downgraded Maxim Integrated saying the diversification/margin story is largely complete and shares are near his $46 price target. Muse sees modest headwinds ahead including slowing China BMS business and lack of Apple exposure in 2H and recommends moving to the sidelines.

Deutsche Bank analyst Ross Seymore views near-term weakness in shares of Maxim Integrated following the company's Q4 results as a buying opportunity. Weaker than expected sales in Q4 and guidance "will overwhelm" any positive takes on the company's "impressive" margins, Seymore tells investors in a research note. The analyst likes the stock's risk/reward and keeps a Buy rating on the name with a $50 price target.

Loop Capital analyst Betsy Van Hees said her recent meeting with Maxim Integrated's investor relations team gave her the sense the company was likely being conservative with its previously issued Q1 outlook and she predicts it will narrow its outlook to the higher-end of the guidance ranges when it holds its business model update call next week. She believes Street estimates for Maxim are poised to likely go higher and recommends adding to positions ahead of the update meeting. Van Hees keeps a Buy rating and $53 price target on Maxim Integrated shares.

MRTXMirati Therapeutics

$5.00

-0.05 (-0.99%)

09/28/16

SBSH

09/28/16NO CHANGETarget $23SBSHBuy

Citi thinks JTO paper could explain recent rally in Mirati

Citi analyst Yigal Nochomovitz believes the recent move to $7 from $5 in shares of Mirati Therapeutics could be attributed to an article published online in the Journal of Thoracic Oncology on Sept. 22 titled "Emergence of pre-existing MET Y1230C mutation as a resistance mechanism to crizotinib in NSCLC with MET exon 14 skipping". Conclusions in the JTO article may suggest some opportunity for Mirati's glesatinib in the crizotinib failure market in MET Exon14del non-small cell lung cancer, despite recent disappointing data at ASCO, Nochomovitz tells investors in a research note. The analyst has a Buy rating on Mirati with a $23 price target.

JMP Securities analyst Jason Butler says that the Phase 2 results of Arena's Ralinepag in PAH indicates that it has "a compelling clinical profile" that supports "a blockbuster commercial opportunity." The analyst adds that the drug can become "the best-in-class oral prostacyclin receptor agonist." He raised his price target on the shares to $36 from $27 and keeps an Outperform rating on the stock.

06/27/17

06/27/17INITIATION

On The Fly: Top five analyst initiations

Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. JPMorgan analyst Alex Yao resumed coverage of Alibaba (BABA) Group with an Overweight rating and $190 price target following a period of restriction. The rating is unchanged and the price target is raised from $140. 2. SunTrust analyst Terry Tillman initiated Salesforce (CRM) with a Buy and a $110 price target and views its as a core holding for large-cap investors. 3. Citi analyst Joel Beatty started Arena Pharmaceuticals (ARNA) with a Buy rating and $23 price target. 4. Deutsche Bank analyst Bryan Kraft started Lionsgate Class A (LGF.A) shares with a Hold rating and $29 price target. 5. Cantor Fitzgerald analyst Louise Chen assumed coverage of Amarin (AMRN) with an Overweight rating and $10 price target. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

07/11/17

LEER

07/11/17NO CHANGETarget $53LEEROutperform

Arena Pharmaceuticals price target raised to $53 from $47 at Leerink

Leerink analyst Joseph Schwartz raised his price target for Arena Pharmaceuticals to $53 from $47 after the company reported "promising" topline results from its Phase 2 ralinepag study in pulmonary arterial hypertension that surpassed the benchmark established by its competitor selexipag. On the heels of ralinepag data, the analyst believes investors will begin to assign greater value to the company's proprietary pipeline that could present further upside in not only mass-market indications like ulcerative colitis and pain, but also in the rare manifestations including pyoderma gangrenosum and extraintestinal manifestations. Schwartz reiterates an Outperform rating on the shares.

William Blair analyst Y. Katherine Xu sees curing chronic hepatitis B virus infections as "the next frontier" after the success of hepatitis C treatments and believes the market for an HBV cure could be "similar in size to that of HCV," or $200B in cumulative global sales over a span of two decades. She expects consolidation of the HBV market over the next five years, much like what happened with the HCV market. Xu sees Spring Bank Pharmaceuticals (SBPH) and Arbutus (ABUS) as having the strongest data catalysts in 2017, followed by Assembly Biosciences (ASMB) and Arrowhead (ARWR). She has Outperform ratings on the first three stocks and a Market Perform rating on Arrowhead.

ATRAAtara Biotherapeutics

$15.10

0.05 (0.33%)

12/14/16

SBSH

12/14/16NO CHANGETarget $8SBSHSell

Citi says Atara Biotherapeutics sell thesis is working

Citi analyst Yigal Nochomovitz believes his thesis on Atara Biotherapeutics is working after the company this week said it will not be able to start Phase 3 trials by the end of 2016. The analyst keeps a Sell rating on the shares with an $8 price target.

Citi analyst Yigal Nochomovitz reiterates a Sell rating and $10 price target on shares of Atara Biotherapeutics following the stock's 40% rally this morning. The price target reflects 50% downside from current levels, the analyst points out. The stock rally came in the absence of new clinical data and with minimal updates on the pipeline, Nochomovitz tells investors in a research note. He continues to believe Atara's markets are relatively niche.

11/21/16

WBLR

11/21/16NO CHANGEWBLROutperform

William Blair views Atara as 'overlooked and misunderstood'

William Blair analyst John Sonnier feels Atara Biotherapeutics, following last year's failure of a molecularly targeted pipeline candidate in a Phase II protein-energy wasting trial, has been "overlooked and misunderstood" by investors. Since the failure, the company has made "important advances with a differentiated T-cell platform," with plans to initiate two Phase III clinical trials by the end of this year, Sonnier tells investors in a research note. He believes Atara shares are fundamentally undervalued and reiterates an Outperform rating on the shares.

Nomura Instinet analyst Christopher Marai says last night's ESMO abstract for MacroGenics' flotetuzumab indicated initial signs of efficacy and good tolerability. The analyst is encouraged that no maximum tolerated dose/schedule was defined. He has a Buy rating on MacroGenics with a $41 price target.

SunTrust analyst Peter Lawson says that Johnson &Johnson's decision to return duvortuxizumab, the CD19xCD3 T cell redirecting bispecific antibody, to MacroGenics is negative for MacroGenics. However, he does not believe that the decision reflects on MacroGenics' platform. He blames the decision on the neurotoxicity side effects of the drug and increased competition in the space. Lawson reiterates a $26 price target and a Buy rating on MacroGenics.

03/30/17

RAJA

03/30/17INITIATIONTarget $26RAJAOutperform

MacroGenics initiated with an Outperform at Raymond James

Raymond James analyst Reni Benjamin initiated MacroGenics with an Outperform and a $26 price target saying it is a unique "marquee" player in the bispecific antibody space. The analyst believes the value of MacroGenics' DART platform, the newsflow from multiple trials, the potential to sign additional global marquee partners, and a cash position of $245M represent an unique opportunity.

PTCTPTC Therapeutics

$21.17

-0.44 (-2.04%)

08/23/17

WBLR

08/23/17INITIATIONTarget $17WBLRMarket Perform

PTC Therapeutics initiated with a Market Perform at William Blair

William Blair analyst Raju Prasad started PTC Therapeutics with a Market Perform rating and $17 fair value estimate, contending that it is not wise to view the FDA's demonstration of leniency for other rare disease therapies as raising the probability of success for ataluren, which he assigns only a 10% chance of success.

09/04/17

SBSH

09/04/17NO CHANGETarget $28SBSHBuy

Congressman supporting approval of PTC's DMD treatment, says Citi

Citi analyst Joel Beatty found comments online from U.S. Congressman Collin Peterson that voice support for approval of PTC Therapeutics' (PTCT) Duchenne muscular dystrophy treatment ataluren, which is also known as Translarna. The document appears to have been posted last Thursday in response to the FDA's request for comments regarding its advisory panel meeting scheduled for September 28, and is written in the form of a speech to be given at the meeting, Beatty told investors Friday night in a research note. The analyst confirmed from the Congressman's office that a legislative assistant plans to read the letter on behalf of Rep. Peterson at the September 28 advisory meeting. The comments mention a constituent of Rep. Peterson's with DMD who will be in the audience and for whom "access to ataluren has allowed him to live and thrive well into his 20s with no side effects," Beatty cites the statement as saying. It added, "The full consideration of ataluren not only fulfills the Congressional intent of FDASIA and the 21st Century Cures Act, but also has the potential to save lives across the nation." Beatty believes political support could play a role in the FDA's review of Translarna. The analyst notes that Sarepta Therapeutics' DMD drug Exondys 51 was approved after favorable political support. Beatty sees $20 of upside potential in PTC shares, with only $3 downside risk, around the FDA panel meeting. The analyst has a Buy rating on the shares with a $28 price target. The stock closed Friday up 18c to $20.93. A positive panel vote will likely lead to FDA approval while a negative vote doesn't necessarily mean the FDA will not approve the drug, Beatty argues. His model assumes a 25% probability of success for Translarna.

09/06/17

LEHM

09/06/17INITIATIONLEHMEqual Weight

PTC Therapeutics assumed with an Equal Weight at Barclays

Barclays assumed PTC Therapeutics with an Equal Weight rating and a $22 price target, saying that while Translarna and Emflaza have showed steady growth, their high expectations are largely priced into PTC shares.

07/20/17

SBSH

07/20/17NO CHANGETarget $28SBSHBuy

PTC Therapeutics price target raised to $28 from $18 at Citi

Citi analyst Joel Beatty raised his price target for PTC Therapeutics to $28 saying he still sees "multiple paths" to U.S. approval of Translarna. He expects the stock to trade up into the FDA panel meeting on September 28. The analyst values PTC's base business at $17 per share and pipeline at $11. Beatty maintains a Buy rating on PTC.

RGNXRegenxbio

$24.45

-0.35 (-1.41%)

04/11/17

CHDN

04/11/17NO CHANGETarget $50CHDNBuy

REGENXBIO price target raised to $50 from $35 at Chardan

Chardan analyst Gbola Amusa raised his price target on REGENXBIO (RGNX) to $50 from $35, calling the company's appointment of Olivier Danos from Biogen (BIIB) as Chief Scientific Officer a "watershed moment" that increases his conviction in the company's long-term prospects. Amusa keeps a Buy rating on REGENXBIO shares.

Leerink analyst Joseph Schwartz assumed coverage of uniQure with an Outperform rating and lowered the price target on the shares to $9 from $23. The analyst believes the company's leadership and expertise in gene therapy should be a positive over the long-term, but resolutions to a number of uncertainties, questions, and optimizations remain essential in the near-term to enthuse investors.

11/28/16

JANY

11/28/16NO CHANGETarget $12JANYBuy

uniQure price target lowered to $12 from $18 at Janney Capital

Janney Capital analyst Debjit Chattopadhyay acknowledged he has "been wrong on" uniQure so far and cut his fair value estimate on the stock to $12 from $18, adding that the upcoming Hemophilia B update at the ASH meeting "may not be [a] big enough catalyst for the stock." However, he keeps a Buy rating on uniQure shares, as he believes the bottom "could be probably close at hand" and the company's cash balance is sufficient to fund operations into 2019 while its major programs are still intact.

11/22/16

JEFF

11/22/16DOWNGRADETarget $8JEFFHold

uniQure downgraded to Hold from Buy at Jefferies

Jefferies analyst Eun Yang downgraded uniQure to Hold citing execution risks and a lack of near-term catalysts. uniQure's strategic review and prioritization announced last week "comes up short" in providing confidence in the company's strategy and execution, Yang tells investors in a research note. She cut her price target for the shares to $8 from $28.

06/29/17

OPCO

06/29/17NO CHANGETarget $17OPCOOutperform

Oppenheimer doctor survey supports bullish view on uniQure

Oppenheimer analyst Hartaj Singh says his firm's recent survey of 25 hematologists and oncologists supports his "continued bullish view" on uniQure. The survey suggests physician dissatisfaction with current treatments and a positive response to uniQure's blinded AMT-060 product profile, Singh tells investors in a research note. The analyst sees potential for 60% market penetration in three years after approval. He keeps an Outperform rating on uniQure with a $17 price target.

TSROTesaro

$129.77

-4.56 (-3.39%)

08/17/17

BOFA

08/17/17NO CHANGETarget $59BOFA

Tesaro and Clovis at BofA/Merrill

BofA/Merrill said it already assumed that the maintenance Ovarian cancer PARP market would be shared between Tesaro (TSRO), Clovis (CLVS), and AstraZeneca (AZN) and differences, combined with more nuanced differentiators in safety and dosing justify multiple participants. The firm's analyst reiterates Buy ratings on both Clovis and Tesaro and notes both have demonstrated strong initial uptake.

Credit Suisse analyst Alethia Young believes AstraZeneca's (AZN) broad label news yesterday for Lynparza likely lifted an overhang for both Tesaro (TSRO) and Clovis Oncology (CLVS). Shares of both Tesaro and Clovis are reflecting "very little to no M&A value" at current levels, Young tells investors in a research note. She lowered her price target for Tesaro to $190 from $198 and keeps an Outperform rating on the name.

08/18/17

SBSH

08/18/17NO CHANGETarget $216SBSHBuy

Citi sees advantage for Tesaro despite broad Lynparza label

Citi analyst Robyn Karnauskas says the "broad label" given yesterday to AstraZeneca's (AZN) Lynparza increases competition for Tesaro (TSRO). Lynparza got a broad label in all ovarian cancer patients, which Karnauskas says she was not modeling for. The analyst suspects Clovis Oncology (CLVS) could also get a similar broad label. Nonetheless, she believes that with "better clinical data, better value, and dosing convenience," Tesaro's Zejula has a potential marketing advantage. Oncologic drugs with the best outcomes data eventually emerge market winners, Karnauskas tells investors in a research note. The analyst keeps a Buy rating on Tesaro with a $216 price target. The shares closed yesterday down $3.94 to $109.05.

08/18/17

LEER

08/18/17NO CHANGETarget $107LEEROutperform

Clovis price target lowered to $107 from $115 at Leerink

Leerink analyst Michael Schmidt lowered his price target for Clovis Oncology (CLVS) to $107 after competitor AstraZeneca (AZN) received a broad label for PARP inhibitor Lynparza as maintenance treatment following second line ovarian cancer therapy regardless of BRCA status. His new target reflects a three-way market split among Clovis' Rubraca, Tesaro's (TSRO) Zejula and Lynparza in second line ovarian cancer maintenance. The analyst, however, believes Clovis remains attractively valued and he keeps an Outperform rating on the shares.